Hertz Corp. announced it has entered into exclusive negotiations with the Loxam Group for the potential acquisition of the France and Spain businesses of Hertz Equipment Rental Corp. The sale, if consummated, would transfer the entire share capital of Hertz Equipement France SAS and Hertz Alquiler de Maquinaria SLU to Loxam. The proposed transaction includes 60 locations in France and two in Spain.
As part of the process HERC and Loxam are each consulting with their respective Works Councils in France.
Loxam, based in France, is the largest equipment rental company in Europe, with 623 locations in 14 countries. The potential acquisition would increase its market share in the Paris area and the northern and western regions of France and strengthen its presence in Spain.
HERC, the third-largest equipment rental company in North America with about 260 locations in North America, also operates in seven other countries. The possible divestiture of its France and Spain businesses would enable the company to focus more on its core and specialty markets. The company is seeking to maximize its profitability and shareholder value as it prepares to separate from the Hertz Corporation.
